جستجوی مقالات مرتبط با کلیدواژه « ضریب واکنش سودهای آتی » در نشریات گروه « حسابداری »

The relationship between future earnings and current stock returns is called as future earnings response coefficient that indicates reflection of future earnings information in current stock price. The more information of firms be available to investors, their future earnings forecast will be more accurate. As a result, reflection of more future earnings information in current stock price, cause an increase in the relationship between future earnings and current stock returns. The aim of this study is to investigate the effect of product market competition on the future earnings response coefficient and also the moderator effect of institutional ownership on their relationship. To measure the future earnings response coefficient and the product market competition level, Collins et al (1994) adjusted model by Lundholm and Myers (2002) and Herfindahl-Hirschman Index is used, respectively. In order to achieve to the research goal, A total of 100 firms, including firms listed in Tehran Stock Exchange during the years from 2005 to 2015 were screened in the community. To test the hypotheses, a multivariate regression model with panel data is used. According to the results, the impact of product market competition on future earnings response coefficient, is significantly positive. Also, the effect of institutional ownership on the relationship between product market competition and future earnings response coefficient is significantly positive.

The aim of this study is to determine the effect of the income smoothing on the future earnings response coefficient taking into account the effect of the information environment. Future earnings response coefficient is used as a measure for evaluation of stock price information content which represents the relationship between current stock returns and future earnings. Information environment criteria include disclosure quality, firm size, number and accuracy of the management predicted earnings. To achieve the goal of the research, 115 firms listed in Tehran Stock Exchange during the years 2003 to 2014 were selected as a sample. Also, to test the hypotheses, multiple regression and panel data are used. The findings show that the income smoothing has a significantly negative effect on the future earnings response coefficient. Of the Information environment criteria, disclosure quality, number and accuracy of predicted earnings have a significantly positive effect on the future earnings response coefficient. The results show that the strong information environment causes the significantly increasing in the future earnings response coefficient through the income smoothing.

The present research deals with explaining the relationship between financial statements comparability and the stock price in formativeness regarding the future earnings as well as explaining the role of the financial statements comparability in reflecting the firm’s specific future earnings data and reflecting the future earnings data relevant to the industry in the stock price of the current period. The time period of this research for the 4-year has been considered from the beginning of 1386 till the end of 1389. However, data from 1383 to 1386 and 1390 to 1392 is also used to calculate some variables. The research sample consists of 85 listed firms in Tehran Stock Exchange. The multivariate regressions have been used for the statistical analysis. Four control variables-size, growth, loss and earnings volatility-have been used. According to the accomplished tests there is no positive relation between the financial statements comparability and the stock price in formativeness. The financial statements comparability does not contribute in reflecting the future earnings data relevant to the industry and reflecting the firm’s specific future earnings data in the stock price of the current period.

According to the theory of Information Asymmetry, “Institutional Investors” Could get confidential Information from firm’s managers and present it to investors because they have not only motivation but also expertise and resources in order to supervise the firm. Coefficient of variation is one of the approaches to identifying information content of earning; in this approach, changes in stock prices is a function of changes in earning during a particular period. Therefore, return is related to earning, and coefficient of variation is considered as a measure of information content of earning. The current research aims at investigating the effect of institutional ownership on information content of future earnings. For so doing, one hypothesis is presented and to analyze data, regression model was employed using integrative data. The time period understudy is from 2001 to 2009 and the sample of study includes 80 firms. Using “Future Earnings Response Coefficient”, and having variables such as size, growth and systematic risk controlled, findings indicate that there is a negative relationship between institutional ownership and information content of future earnings.